Do you live in a country that has one of the world’s highest tax rates?
Your ‘marginal’ tax rate is the rate of tax you pay on the last pound, dollar or euro that you earn. Most countries in the world have progressive tax systems, meaning that you pay higher rates of income tax on higher earnings.
For example, in the UK, the current income tax bands (2012/3) are:
£0 – £8,105 – 0%
£8,106 – £42,475 – 20%
£42,475 – £158,105 – 40%
Over £158,106 – 50%
So, the highest tax rate in the UK is currently 50 per cent. But, what are the highest tax rates around the world? Which countries have the highest top tax rates, and which have the lowest?
Our interactive map shows the top tax rates of many of the world’s major nations. Hover over the country for more information.
Where do you live? Is your country’s top rate of tax higher or lower than average? Let us know in the comments below.